A savvy trader has made waves in cryptocurrency by netting an impressive $1.49 million in just two days through shrewd trading of MEMEcoin. As highlighted by Lookonchain, an on-chain analytic firm, this individual’s sudden windfall was achieved through a calculated series of transactions executed on March 16 and 17.
Incredibly, this trader turned a profit on all 7 MEMEcoin trades during this period, yielding an astonishing total profit of 8,282.8 $SOL.
The story behind this trader’s success is a tale of perseverance and adaptation. Initially, their foray into MEMEcoin was met with adversity, with losses prevailing in 6 out of the first 10 trades, resulting in a modest 40% win rate. Undeterred, the trader’s cautious approach was evident as they refrained from investing more than 80 $SOL in any single token during this experimental phase.
However, the turning point came after a mere two weeks of experience. The trader’s strategies evolved rapidly, marked by a bold shift towards higher investments—over 500 $SOL and eventually surpassing 1,000 $SOL per token. This shift in approach bore fruit, with 25 out of the subsequent 35 token trades proving profitable, boosting the win rate to an impressive 71.43%.
The revelation lies in the fact that 96.5% of the total profits were accrued within the final two days of trading. This surge signifies not just a successful streak but a remarkable mastery of the #MEMEcoin market dynamics. The trader’s ability to adapt and capitalize on emerging trends within a relatively short timeframe underscores the dynamic nature of cryptocurrency trading.
Delving deeper into the specifics, the trader’s strategy coincided with notable market indicators. The Solana ecosystem, where these trades took place, was characterized by a daily trading volume of $3.26 billion, anchored by a Solana price of $141.91. Despite a minor 2.10% dip within 24 hours, technical indicators like the stochastic RSI (Relative Strength Index) hinted at potential bullish opportunities.
The convergence of a bullish stochastic RSI, alongside a strong ADX (Average Directional Index) reading of 34.43, hinted at a robust trend, complemented by a cautious signal from the MACD (Moving Average Convergence Divergence). This unique blend of technical analysis likely contributed to the trader’s surge in profits during the critical trading window.
